Will XRP Skyrocket to $3? Major Whale Makes $288 Million Token Acquisition!

On December 7, 2024, XRP, the flagship token of Ripple Labs, captured the spotlight in the crypto world amidst a vigorous price breakout following a previous correction. Investors and traders are buzzing with speculation over whether this resurgence could send XRP soaring to new heights, especially after a significant purchase by a prominent whale.

Whale Makes a Bold Move: $288 Million XRP Purchase

In a strategic move during the recent price correction, a crypto whale seized the opportunity to buy 120 million XRP tokens, spending a staggering $288 million in the process. This substantial transaction took place as XRP’s prices dipped from $2.90 to $2.22, revealing the whale's confidence in the asset’s potential recovery. This tactic of ‘buying the dip’ has proven effective, as XRP continues to exhibit bullish momentum.

Current Price Action: Is XRP on the Rise?

At present, XRP is trading around $2.55, having surged over 8% in the last 24 hours. However, trading volumes have experienced a slight drop of about 10%, suggesting that investor participation is lower compared to recent days. Despite this, the confidence in XRP is palpable, as data from on-chain analytics firm Coinglass indicates that not only this whale, but also other institutions, are accumulating significant amounts of XRP during this market phase.

Expert Predictions: Can XRP Hit $3?

Technical analysts are optimistic about XRP's trajectory, noting that the token has recently broken through a crucial resistance level, previously hampered by a descending trendline. There’s speculation that XRP could climb approximately 15% to hit the $2.90 mark, with the elusive $3 target becoming increasingly feasible if the bullish sentiment persists.

The Relative Strength Index (RSI) for XRP is currently sitting at 56, which is comfortably below the overbought zone. This indicates that there might still be potential buying opportunities and hints at upcoming positive price movements.

Surging Interest: Open Interest Rises

The recent market developments have ignited a surge in traders' interest in XRP, with open interest rising by 11% over the last 24 hours and 5% in the past four hours alone, according to Coinglass. This increase suggests that more traders are entering the market, further fueling speculation about XRP’s next move.

As enthusiasts watch closely, the big question on everyone’s mind remains: Could this catalyst push XRP beyond the $3 mark? Only time will tell, but one thing is clear – the excitement surrounding XRP is at an all-time high!